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Virgin Islands Statutes, Title 22

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Virgin Islands/Statutes

← All Virgin Islands coverage

Title 22, Insurance

49 chapters · 915 sections in this title.

All chapters in Title 22915 Ch 33, The Insurance Contract47 Ch 39, Life Insurance and Annuities46 Ch 31, Virgin Islands Insurance Producer an…44 Ch 66, Alternative Markets Act44 Ch 21, Assets and Liabilities40 Ch 35, Disability Insurance36 Ch 51, Mergers, Rehabilitation, Liquidation36 Ch 9, Insurers; General Requirements33 Ch 23, Investments33 Ch 55, Virgin Islands Captive Insurers Act30 Ch 17, Domestic Mutual Insurers28 Ch 49, Unfair Practices and Frauds28 Ch 63, Ambulance Service Contracts28 Ch 60, Third Party Administrators25

44 sections·Filtered byTitle 22✕Ch 31✕

22 V.I.C. § 751 Purpose and scope
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(a) This chapter governs the qualifications and procedures for the licensing of insurance producers and adjusters. It simplifies and organizes some statutory language to improve efficiency, permits the use of new technology and reduces costs associated with issuing and renewing i…
22 V.I.C. § 751a Definitions
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(1) As used in this chapter:(1) “Adjuster” means any person who, for compensation as an independent contractor or as an employee of an independent contractor, or for fee or commission, investigates or reports to the adjuster’s principal relative to claims arising under insurance …
22 V.I.C. § 752 License required
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(a) It is unlawful for a person to perform any act as an insurance producer in the Virgin Islands unless then licensed in the Virgin Islands. (b) It is unlawful for a person to sell, solicit or negotiate insurance in the Virgin Islands for any class or classes of insurance unless…
22 V.I.C. § 753 Unlicensed activities; acts committed in the Virgin Islands; Sanctions 24
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(a) For the purpose of section 752, an act is committed in the Virgin Islands if it is committed, in whole or in part, in the Virgin Islands, or affects persons or property within the Virgin Islands and relates to or involves an insurance contract, health care services contract, …

22 V.I.C. § 754 Exceptions to licensing

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(a) Nothing in this chapter may be construed to require an insurer to obtain an insurance producer license. In this section, the term “insurer” does not include an insurer’s officers, directors, employees, subsidiaries or affiliates. (b) A license as an insurance producer is not …

22 V.I.C. § 755 Application of chapter to insurance producers appointed by health care service contractors, health maintenance organizations, or both

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The provisions of this chapter apply to insurance producers appointed by either health care service contractors or health maintenance organizations.

22 V.I.C. § 756 Determining whether authorization exists; burden on insurance producer

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(1) Any insurance producer soliciting, negotiating, or procuring an application for insurance or health care services in the Territory must make a good faith effort to determine whether the entity that is issuing the coverage is:(1) authorized as an admitted insurer to transact h…

22 V.I.C. § 757 Application for examination

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(a) Unless exempt pursuant to section 765 of this chapter, a resident individual applying for an insurance producer license or an adjuster license shall take and pass a written examination about the Territory’s insurance law. This requirement does not apply to:(1) applicants for …

22 V.I.C. § 758 Application for license

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(a) Any corporation, firm or individual having a place of business in the Virgin Islands and acting as an agent may be licensed by the Commissioner as a resident insurance producer to solicit, accept applications, write, issue, deliver or place policies or contracts of direct ins…

22 V.I.C. § 759 License

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(a) Unless denied licensure pursuant to section 776, persons who have met the requirements of sections 757 and 758 must be issued an insurance producer license. An insurance producer may receive qualification for a license in one or more of the following lines of authority:(1) li…

22 V.I.C. § 760 Broker’s authority

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(a) A broker’s license must be issued to cover all lines of insurance. The Commissioner may not issue a broker’s license limited to a particular line of insurance. (b) A broker is not an agent or other representative of an insurer and may not bind the insurer upon any risk or wit…

22 V.I.C. § 761 Agent-broker combinations

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A licensed agent may be licensed as a broker and be a broker as to insurers for which he is not then licensed as agent. A licensed broker may be licensed as and be an agent as to insurers appointing him as agent. The sole relationship between a broker and an insurer as to which h…

22 V.I.C. § 762 Solicitor

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(a) The Commissioner shall issue a solicitor’s license only upon application by the applicant and the request of the agent or broker to be represented, upon such forms as the Commissioner shall prescribe and furnish. (b) The fee for issuance or renewal of a solicitor’s license mu…

22 V.I.C. § 763 Nonresident licensing

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(a) Unless denied licensure under section 776, a nonresident applicant shall receive a nonresident insurance producer license if the applicant:(1) is currently licensed as a resident and in good standing in the applicant’s home state;(2) is licensed in the applicant’s home state …

22 V.I.C. § 764 Reciprocity

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(a) The Commissioner shall waive any requirement for a nonresident license applicant with a valid license from the applicant’s home state except the requirements imposed by section 763 if the applicant’s home state awards nonresident licenses to residents of the Virgin Islands on…

22 V.I.C. § 765 Exemption from examination

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(a) An individual who applies for an insurance producer license in the Virgin Islands who was previously licensed for the same lines of authority in another state is not required to complete any pre-licensing education or examination of the Virgin Islands. This exemption is avail…

22 V.I.C. § 766 Producer to file for change of address

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(a) If a person licensed as an insurance producer under section 758 changes the person’s address within the Virgin Islands, the person shall, not later than 30 days after making that change, file a change of address with the Commissioner or the Commissioner’s designee. (b) (1) If…

22 V.I.C. § 767 Separate licenses

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(a) The Commissioner may license an individual concurrently as an independent adjuster and as a public adjuster. A separate application is required for each type of adjuster license. The full license fee must be paid for each license. (b) An adjuster has authority under the licen…

22 V.I.C. § 768 Public adjuster’s bond

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(a) Prior to the issuance of a license as a public adjuster, the applicant shall file with the Commissioner and shall maintain in force while so licensed a surety bond in favor of the people of the Virgin Islands, executed by an authorized corporate surety approved by the Commiss…

22 V.I.C. § 769 Report of losses

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(a) Every adjuster who investigates any fire loss claim under any insurance contract covering property located in the Virgin Islands shall promptly report to the Commissioner any facts or circumstances found and from which he believes fraud has been committed or attempted. (b) Up…

22 V.I.C. § 770 Continuing education courses and requirements

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(a) (1) Producers are required to complete 24 credits of continuing education for each biennial compliance period. Three of the 24 credits must be in ethics.(2) The Commissioner shall by regulations establish minimum continuing education requirements for the renewal or reissuance…

22 V.I.C. § 771 Managing general agent license requirement

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(a) (1) No person may act as a managing general agent representing an insurer licensed in the Virgin Islands with respect to risks located in the Virgin Islands unless the person is licensed as a managing general agent pursuant to the subsection (c) or (d).(2) No person may act a…

22 V.I.C. § 772 Responsibilities of managing general agent

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(a) It is unlawful for any person acting in the capacity of a managing general agent to place business with an insurer, unless there is in force a written contract between the parties which sets forth the responsibilities of each party; specifies the separation of responsibilitie…

22 V.I.C. § 773 Independent financial examination of each managing general agent

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(a) The insurer shall have on file, in a form acceptable to the Commissioner, an independent financial examination of each managing general agent with which it has done business. (b) If a managing general agent establishes loss reserves, the insurer shall obtain annually the opin…

22 V.I.C. § 774 Acts of managing general agent deemed Acts of Insurer of examinations

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(a) The acts of a managing general agent are the acts of the insurer on whose behalf it is acting. (b) A managing general agent may be examined pursuant to chapter 5 of this title, as if it were the insurer. The managing general agent shall pay the expenses incurred in the conduc…

22 V.I.C. § 775 Assumed names and address

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(a) An insurance producer doing business under any name other than the producer’s legal name must seek approval from the Commissioner prior to using the assumed name. (b) Any person violating this section is liable for a fine not to exceed $500.

22 V.I.C. § 776 License refusal, nonrenewal, suspension or revocation

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(a) The Commissioner may suspend, revoke or refuse to issue or renew an insurance producer’s license or may levy a civil penalty in accordance with this chapter or any combination of actions, for any one or more of the following causes:(1) providing incorrect, misleading, incompl…

22 V.I.C. § 777 Hearing to determine administrative action modification

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(a) Upon written application of a person who was refused a license or whose license was not renewed or was revoked, or surrendered for cause under section 776, the Commissioner shall hold a hearing to determine whether the administrative action imposing the refusal, nonrenewal, r…

22 V.I.C. § 778 Fine in lieu of license suspension, revocation, or refusal

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(a) Upon the hearing of an appeal from an order suspending, revoking, or refusing to renew any license issued, the court, if it finds that the licensee is guilty of violation of the law and if it finds the suspension, revocation, or refusal too severe a penalty under the facts as…

22 V.I.C. § 779 Appointments

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(a) (1) An insurance producer may not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer.(2) An insurance producer may not act as a solicitor of an agent or broker unless the insurance producer becomes an appointed solicitor of …

22 V.I.C. § 780 Notification of insurance Commissioner of termination

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(a) An insurer or authorized representative of the insurer who terminates the appointment, employment, contract or other insurance business relationship with a producer shall notify the Commissioner not more than 15 days after the effective date of the termination, using a format…

22 V.I.C. § 781 Records of agents, brokers, adjusters

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(a) Every producer or adjuster shall keep at the producer’s address as shown on the producer’s license, a record of all transactions consummated under the producer’s license. This record must be in organized form and must include:(1) if an agent or broker—(A) a record of each ins…

22 V.I.C. § 782 Reporting and accounting for premiums, penalty

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(a) An agent or any other representative of an insurer involved in the procuring or issuance of an insurance contract shall report to the insurer the exact amount of consideration charged as premium for such contract, and the amount must likewise be shown in the contract and in t…

22 V.I.C. § 783 Prohibition

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It is unlawful for managing general agent, insurer, or other person to violate, or fail to comply with any provision of sections 771, 772, 773, 774, 780, or 782 of this chapter.

22 V.I.C. § 784 Penalties for violations

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(a) If the Commissioner, after a hearing conducted in accordance with chapter 7 of this title, finds a violation of the types of infractions listed in section 753(e) of this chapter, the Commissioner may order any of the following:(1) for each separate violation committed by an i…

22 V.I.C. § 785 Rights not limited or restricted

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Nothing in this chapter is intended, in any manner, to limit or restrict the rights of policyholders and claimants of any insurer on whose behalf a managing general agent is acting, or of auditors, accountants, examiners, or other persons that conduct examinations of insurers.

22 V.I.C. § 786 Reporting of actions

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(a) A producer shall report to the Commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in the Virgin Islands not more than 30 days after the final disposition of the matter. This report must include a copy of…

22 V.I.C. § 787 Service of process on nonresident agent or broker

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(a) Every nonresident agent or broker by obtaining a license in the Virgin Islands may be sued in the Virgin Islands in the district of the plaintiff’s property, residence or principal office or place of business upon any cause of action, arising out of or based upon any business…

22 V.I.C. § 788 Compensation disclosure

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(a) (1) Where any insurance producer or any affiliate of the producer receives any compensation from the customer for the placement of insurance or represents the customer with respect to that placement, neither that producer nor any affiliate shall accept or receive any compensa…

22 V.I.C. § 789 Paying unlawful consideration

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(a) It is unlawful for an insurer or an insurance producer to pay a commission, service fee, brokerage fee, or other type of consideration for selling, soliciting, or negotiating insurance in the Virgin Islands, if the person is required to be licensed under this chapter but is n…

22 V.I.C. § 790 Regulations

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The Commissioner may, in accordance with this title, promulgate reasonable regulations necessary or proper to carry out the purposes of this chapter.

22 V.I.C. § 791 Immunity

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The Commissioner, the Director, and employees of the Division of Banking and Insurance and Financial Regulation are immune from any civil liability while acting within the scope of this chapter.

22 V.I.C. § 792 Centralized agent License registry

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The Commissioner may participate, in whole or in part, with the NAIC or any of its affiliates or subsidiaries, in a centralized agent license registry in which insurance producers acting as agents appointments are centrally or simultaneously electronically stored for all states t…

22 V.I.C. § 793 Severability

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If any provision of this chapter, or the application of a provision to any person or circumstances is held invalid, the remainder of the provisions and the application of the provision to persons or circumstances other than those to which it is held invalid are not affected.